UnaFinancial, an international fintech group of companies, is set to raise up to US$15 million to launch a finance app in UAE in 2024.
The service will address spending, investing and borrowing needs of customers.
United Arab Emirates | October 26, 2023 — The digital finance app will become the first product in the Middle East for its parent company UnaFinancial, which has been developing fintech services in APAC and Europe since 2015. UnaFinancial has already provided initial funding for the startup. Now, it is looking to raise funds for the second round, which will cover internal IT development and marketing expenses. Additionally, the project is open for technology and business partnerships.
Over the past years, the UAE has seen rapid growth in finance app installments, which rose by 55% in 2021. The digital finance app designed by UnaFinancial will be aimed to meet the growing demand. One of its products will be an online investment platform, enabling clients to acquire and trade multiple asset classes like equities, forex, bonds, commodities and derivatives. In the longer-term, the app is also supposed to introduce a digital wallet and credit products.
Natalia Ishchenko, CEO of UnaFinancial, commented: “A wide range of services, strong technological base and the long-term expertise of our team in FinTech, IT, banking and investment gives us a competitive edge and confidence in the success of the future product. We expect the app to gain over 1 million customers and more than US$100 mln in revenue by 2028. We believe that collaboration with regional investors and market experts will help us make a valuable contribution to the local FinTech industry.”
In a separate statement, Viktor Kasianov, CEO of the project, said: “We understand the UAE’s rich landscape and diverse financial needs, being a melting pot of different cultures and nationalities. As such, our platform will not only leverage artificial intelligence to help customers make smart and informed decisions, but also provide in-app financial education to empower investors of varying investment expertise. Likewise, our app will offer goal setting and progress-tracking features to allow users to monitor their investments’ performance and visualize their financial journey.”